Michael Robert Milken (born July 4, 1946) is an American financier and philanthropist, renowned as the 'Junk Bond King' for pioneering the market for high-yield bonds (junk bonds) in the 1970s and 1980s. He began his career on Wall Street in 1969 while studying at the University of Pennsylvania's Wharton School, joining Drexel Firestone (later Drexel Burnham Lambert). By 1971, he headed the bond-trading department, where he revolutionized finance by promoting junk bonds to fund leveraged buyouts and corporate expansions, amassing unprecedented wealth—over $1 billion in compensation from 1986 to 1989. His innovations democratized access to capital, particularly after the 1965 Watts riots inspired him to shift from math and science to business at UC Berkeley, aiming to empower underserved communities and create jobs. Milken's career peaked at Drexel Burnham Lambert but ended in scandal when he pleaded guilty in 1990 to six felony counts of securities fraud and other violations, resulting in a 10-year prison sentence (serving about two years) and a permanent ban from the securities industry. The case, involving insider trading and market manipulation allegations, marked one of the largest financial prosecutions of the era, though Milken maintained his innovations were legal. Post-release in 1993, he rebuilt his fortune through investments in biotech, education, and philanthropy, co-founding the Milken Family Foundation and becoming a major donor to Jewish causes, medical research (inspired by his mother-in-law's 1972 breast cancer diagnosis), and prostate cancer initiatives after his own 1993 diagnosis. With a net worth of approximately $6 billion as of 2022, Milken ranks among the world's richest individuals and continues influencing networks through board roles and ventures in health and education. His legacy blends financial innovation, legal controversy, and extensive philanthropy, funding medical breakthroughs and educational reforms while maintaining ties to influential figures in business and politics. At Drexel Burnham Lambert, he led the high-yield bond department and was regarded as having a 'right-hand man' who worked under him.